FAAR vs. SPAX

Last updated Aug 4, 2026

FAAR (First Trust Alternative Absolute Return Strategy ETF) and SPAX (Robinson Alternative Yield Pre-merger SPAC ETF) are both exchange-traded funds - FAAR is a Commodities fund actively managed by First Trust, while SPAX is a Actively Managed fund actively managed by Toroso Investments. Both are actively managed. Their 0.03 correlation means their historical movements had little consistent relationship. FAAR charges 0.95%/yr vs 0.85%/yr for SPAX.

Performance

FAAR vs. SPAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Alternative Absolute Return Strategy ETF (FAAR) and Robinson Alternative Yield Pre-merger SPAC ETF (SPAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FAAR

• 1D: -1.43%
• 1M: -2.21%
• 6M: 6.89%
• YTD: 14.32%
• 1Y: 20.01%
• 3Y*: 8.41%
• 5Y*: 7.00%
• 10Y*: 4.20%
• ALL TIME*: 4.09%

SPAX

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FAAR First Trust Alternative Absolute Return Strategy ETF	$1.39M	$1.09M	$1.71M

FAAR vs. SPAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FAAR First Trust Alternative Absolute Return Strategy ETF	14.32%	8.07%	5.97%	-5.63%	10.15%	2.66%
SPAX Robinson Alternative Yield Pre-merger SPAC ETF	0.00%	0.02%	5.11%	6.63%	1.25%	1.96%

Correlation

The correlation between FAAR and SPAX is 0.03, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (3Y) Balances recent behavior with more history.	-0.01
Correlation (5Y) Shows whether the relationship held over a longer period.	0.03
Correlation (All Time) Calculated using the full available price history since Jun 23, 2021	0.03

Return for Risk

FAAR vs. SPAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FAAR

FAAR Risk / Return Rank: 60
FAAR Sharpe Ratio Rank: 66
FAAR Sortino Ratio Rank: 69
FAAR Omega Ratio Rank: 63
FAAR Calmar Ratio Rank: 54
FAAR Martin Ratio Rank: 50

SPAX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FAAR vs. SPAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Alternative Absolute Return Strategy ETF (FAAR) and Robinson Alternative Yield Pre-merger SPAC ETF (SPAX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	FAAR	SPAX	Difference
Sharpe ratio: Return per unit of total volatility	1.58	—	—
Sortino ratio: Return per unit of downside risk	2.31	—	—
Omega ratio: Gain probability vs. loss probability	1.28	—	—
Calmar ratio: Return relative to maximum drawdown	2.00	—	—
Martin ratio: Return relative to average drawdown	6.00	—	—

Drawdowns

Drawdown Indicators

	FAAR	SPAX	Difference
Max Drawdown Largest peak-to-trough decline	-18.03%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-10.08%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-11.54%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-18.03%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-18.03%	—	—
Current Drawdown Current decline from peak	-10.08%	—	—
Average Drawdown Average peak-to-trough decline	-7.83%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	3.35%	—	—

Volatility

Volatility by Period

	FAAR	SPAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.52%	—	—
Volatility (6M) Calculated over the trailing 6-month period	9.47%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	12.76%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.89%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.55%	—	—

FAAR vs. SPAX - Expense Ratio Comparison

FAAR has a 0.95% expense ratio, which is higher than SPAX's 0.85% expense ratio.

Dividends

FAAR vs. SPAX - Dividend Comparison

FAAR's dividend yield for the trailing twelve months is around 10.01%, while SPAX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FAAR First Trust Alternative Absolute Return Strategy ETF	10.01%	11.63%	3.45%	3.20%	5.82%	6.49%	3.05%	1.02%	0.58%	2.83%
SPAX Robinson Alternative Yield Pre-merger SPAC ETF	0.00%	0.00%	5.50%	7.54%	0.97%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FAAR and SPAX in my portfolio?

FAAR and SPAX have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FAAR or SPAX?

On fees, SPAX is cheaper at 0.85% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FAAR or SPAX?

SPAX is cheaper with a 0.85% expense ratio, compared with 0.95% for FAAR.

Which ETF pays a higher dividend yield, FAAR or SPAX?

FAAR has the higher dividend yield at 10.01%, compared with 0.00% for SPAX.

What is the main difference between FAAR and SPAX?

FAAR is categorized as Commodities, while SPAX is Actively Managed. They also come from different issuers: First Trust and Toroso Investments. Their fees differ too: 0.95% for FAAR and 0.85% for SPAX.